Southern Asia: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Southern Asia

In 2021, after two years of decline, there was growth in the South Asian market for forage harvesters and other harvesting machines, when its value increased by 4.3% to $X. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -11.9% against 2018 indices. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Forage Harvesters and Other Harvesting Machines in Southern Asia

In value terms, production of forage harvesters and other harvesting machines rose to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.9% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production of growth remained at a lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in Southern Asia

In 2021, shipments abroad of forage harvesters and other harvesting machines decreased by -1.9% to X units, falling for the second year in a row after four years of growth. In general, exports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 89% against the previous year. Over the period under review, the exports of hit record highs at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of forage harvesters and other harvesting machines expanded to $X in 2021. Overall, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 112% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

India prevails in machines structure, resulting at X units, which was approx. 97% of total exports in 2021. Pakistan (X units) took a minor share of total exports.

India was also the fastest-growing in terms of the forage harvesters and other harvesting machines exports, with a CAGR of +13.6% from 2012 to 2021. Pakistan (-17.8%) illustrated a downward trend over the same period. India (+36 p.p.) significantly strengthened its position in terms of the total exports, while Pakistan saw its share reduced by -36.4% from 2012 to 2021, respectively.

In value terms, India ($X) remains the largest forage harvesters and other harvesting machines supplier in Southern Asia, comprising 96% of total exports. The second position in the ranking was held by Pakistan ($X), with a 4.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in India stood at +15.7%.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per unit, picking up by 6.4% against the previous year. Over the last nine years, it increased at an average annual rate of +6.1%. The most prominent rate of growth was recorded in 2013 an increase of 40% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Pakistan ($X per unit), while India stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+21.7%).

Imports of Forage Harvesters and Other Harvesting Machines

Imports in Southern Asia

In 2021, overseas purchases of forage harvesters and other harvesting machines decreased by -7.4% to X units, falling for the second consecutive year after three years of growth. In general, imports saw a noticeable decline. The most prominent rate of growth was recorded in 2017 with an increase of 69%. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of forage harvesters and other harvesting machines contracted to $X in 2021. Overall, imports recorded a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 64%. Over the period under review, imports of hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

India was the key importing country with an import of around X units, which finished at 54% of total imports. Pakistan (X units) held a 33% share (based on physical terms) of total imports, which put it in second place, followed by Nepal (4.8%). The following importers - Sri Lanka (X units) and Bangladesh (X units) - each reached a 5.9% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Pakistan (with a CAGR of +49.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Pakistan ($X) and Nepal ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 94% of total imports.

In terms of the main importing countries, Pakistan, with a CAGR of +44.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per unit, falling by -4.2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 7.4% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in India ($X per unit) and Pakistan ($X per unit), while Bangladesh ($X per unit) and Nepal ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+5.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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